Not interested unless MACD moving up from very low and buying volume is a lot stronger than selling volume

Comment

Revenue decreased 0.7% and but higher than preceding year corresponding quarter 3.2%, eps decreased 1.8% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 14.1%, cash generated from operating enough for financing expenses but investing expenses still spent 11% of Group cash, gross profit margin decreasing, lower liquidity ratio but still at very strong level now, slightly higher gearing ratio at below moderate level now, debt ratio increasing near to recent year high, all accounting repayment period is good, affecting by higher cost of revenue

First Support Price

16.0

Second Support Price

15.0

Risk Rating

MODERATE

Research House

Maybank Target Price

14.1 (2010-12-01)

TA Target Price

14.2 (2011-02-23)

ECM Target Price

14.14 (2011-08-18)

Maybank Target Price

7.5 (2011-11-24)

RHB Target Price

16.39 (2012-01-09)

AMMB Target Price

17.62 (2012-02-02)

HwangDBS Target Price

18.5 (2012-02-23)

MIDF Target Price

16.5 (2012-02-23)

OSK Target Price

17 (2012-02-23)

CIMB Target Price

18.49 (2012-03-26)

Accounting Ratio

Return on Equity

12.51%

Dividend Yield

2.98%

Gross Profit Margin

48.42%

Operating Profit Margin

46.31%

Net Profit Margin

50.43%

Tax Rate

25.96%

Asset Turnover

0.3402

Net Asset Value Per Share

4.32

Net Tangible Asset per share

4.32

Price/Net Tangible Asset Per Share

3.82

Cash Per Share

1.32

Liquidity Current Ratio

5.2232

Liquidity Quick Ratio

5.0508

Liquidity Cash Ratio

4.4004

Gearing Debt to Equity Ratio

0.2457

Gearing Debt to Asset Ratio

0.1957

Working capital per thousand Ringgit sale

68.6%

Days to sell the inventory

20

Days to collect the receivables

39

Days to pay the payables

86

Technical Analysis

SMA 20

16.671 (Downtrend 1 day)

SMA 50

16.276 (Uptrend)

SMA 100

14.968 (Uptrend)

SMA 200

13.819 (Uptrend)

MACD (26d/12d)

0.114513 ( 0.000838 )

Signal (9)

0.126314 ( 0.00295 )

MACD Histogram

0.011801 (Bearish trend 27 days)

My notes based on 2011 quarter 7 report (number in '000):-
- Higher revenue than FY11Q3 mainly due to higher gas processing revenue and utilities sales but lower pbt mainly due to higher cost of revenue(increase in repair and maintenance cost and staff cost)

- Higher pbt than FY11Q6 mainly due to higher other income resulting from unrealised gain from the revaluation of Currency Exchange Agreement (CEA) and retranslation of term loan